Candlestick Park to be Turned into New Mall and Housing as Lennar Takes Over 77-Acre Site
- Dec 26, 2014
Ever since the 49ers joined the Giants and moved to their very own new home, the destiny of both teams’ former stomping ground has been under intense scrutiny. Candlestick Park is a substantial amount of land that is set to be turned into a new district dubbed Candlestick Point. According to a recent press statement, North American Title Co.’s California region has closed the acquisition of the Candlestick Park site by Lennar Corp’s San Francisco division. Lennar is the parent company of North American Title Co.
The redevelopment process at the 77-acre site will turn Candlestick Park and its surrounding into a 500,000 square foot “urban outlet”, as well as a housing component featuring approximately 12,000 new units and a 220-key hospitality facility. Candlestick Park was first unveiled in 1960 when it became the home of the city’s NFL and MLB teams. The stadium is now scheduled to be demolished in 2015, in order to allow for grading and paving operations to commence. Lennar announced that it will start work on the outlet mall, a hotel, as well as the first 600 homes on the site by the end of 2017. In fact, the following four years will see around $1 billion be invested in the area in order to create the developer’s vision for the site. Back in November, Lennar announced that it will be working on the development of the mall with Macerich, an owner, operator and developer of retail real estate.
“This was a complex transaction requiring coordination with city and state entities as well as legal counsel on all sides”, Dia Demmon, NAT regional president noted in the press statement announcing the deal. According to the NAT representative, the project is the largest to take shape in the city of San Francisco since World War II.
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